Bitcoin\u2019s price target is projected to be $150,000, according to Bernstein, a wealth management company. The company states that past cycles showed a much larger drop from peak, making it confident about its forecasts.<\/p>\n
The latest research report published by Bernstein reaffirms its optimistic Bitcoin price target of $150,000 by the end of the year. The company has conducted a thorough analysis of the current correction and has found that from its January peak of $126,000, Bitcoin is currently down by about 54%, which is a very significant decline but, compared to past cycles, is still relatively small. Bernstein mentions that it is usual in past bear markets for there to be drawdowns of up to 90%, which makes this drawdown actually look rather minor.<\/p>\n
Bernstein’s analysts believe that this latest correction is just another example of cyclical behavior that should be expected in the market and does not really have any impact on the value proposition of Bitcoin in the long term. Even though the current situation in the market is very volatile, the company has kept its target of $150,000 for Bitcoin price despite considering that its forecast might sound too optimistic right now.<\/p>\n
Bernstein’s confidence is heavily based on the continued accumulation of Bitcoin by institutional investors and whales. According to research done by Bernstein, institutional investment strategies amassed about 175,000 Bitcoin (around $14 billion) over the past year despite market volatility during a period characterized by high market prices.<\/p>\n
There was a lot of activity in June, when whales bought around 270,000 Bitcoin in that month alone, as revealed by research conducted by Bernstein. This Bitcoin buying spree by institutional investors is a stark contrast that shows an observable difference among investor groups in general.<\/p>\n
Bernstein’s resilience regarding the Bitcoin price target comes at a time when there are numerous concerns from various market participants about whether such high valuations are indeed sustainable. The sentiment on the retail side appears to be negative, as many retail investors seem to be scared by the 54% drop. However, the situation among whales and institutions looks much better.<\/p>\n
As discussed on the Lark Davis channel, in the long run, a potential interplay between long-term accumulation on the institutional side can have a decisive impact on the situation.<\/p>\n
Source \u2014 Lark Davis: https:\/\/www.youtube.com\/watch?v=Ov_6Abxnt7c<\/a><\/em><\/p>\n <\/p>\n